LONDON (Alliance News) - Irish housebuilder Cairn Homes PLC on Monday reported a pretax loss in its first set of full-year results since listing in London in June, but said it is ramping up activities to benefit from the current buoyant housing market in Ireland.
Cairn Homes said its pretax loss for the year ended December 31 was EUR37.5 million for the year, almost entirely due to a one-off accounting charge relating to its Founder Share Scheme. Excluding this, the company would have made a pretax loss of EUR5.5 million. Cairn added its revenue for the year was EUR3.7 million. Cairn didn't provide year-earlier comparisions.
It declared no dividend for the year.
Cairn Homes said its land-bank portfolio is continuing to increase and pointed to the acquisition of the Project Clear loan portfolio for EUR378.0 million, which it said will give it access to the largest residential land-bank available in Ireland, as well as its purchase of nine further sites.
Cairn said at the end of December it had a core land-bank portfolio consisting of 25 separate sites, with the potential to develop in excess of 11,000 units.
Cairn said it is on track with plans to build homes on seven of its sites in 2016, against a positive backdrop for the Irish housebuilding industry with improving GDP forecasts, increasing employment, wage inflation and worsening housing shortage.
"We are currently building in Parkside, North Dublin and Killiney, South Dublin. We will commence construction on 5 further schemes within the next twelve months and look forward to making a meaningful contribution to the much needed supply of quality new homes in Ireland over the coming years," said Chief Executive Michael Stanley.
Shares in Cairn Homes were up 0.2% at EUR1.17 on Monday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Cairn Homes (CRN)